Monthly Archives: May 2015

As prices are announced for the 2014 Bordeaux vintage, older vintages are taking some of the spotlight away. Back vintages are standing out as a real value, particularly those predating the high-quality 2009 and 2010 crops. Many industry veterans feel the more mature vintages are where the greater value is to be found, and as for Bordeaux 2014, the general consensus is that it has become noticeable for how unnoticeable it is.

Most top Bordeaux 2014 releases tracked by the Liv-ex market have shown increases in price relative to the 2013 vintage, reflecting higher critical ratings for the more-recent crop. Merchants for Bordeaux estates currently have a large stock overhang of the 2011-2013 vintages.

The strong U.S. dollar means 2014 Bordeaux futures cost less which is one of the reasons that many Bordeaux wineries had hoped this year’s en primeurs campaign would be successful in drawing Americans back. Unfortunately, most consumers aren’t buying, even with the 2014 vintage being considered the best in four years.

Until recently, the en primeur campaigns offered wine lovers the best option for getting allocations of top Bordeauxs at decent pricing with the idea that passing on the futures might make it difficult to secure the wine later. That is no longer the situation of the market.

Burgundy was the guest of honor at Sotheby’s most lucrative New York wine auction in 15 years. The sale of the Don Stott Cellar brought in collectors from Hong Kong, Brazil, Mexico, Canada and from all across the US helping to push the total of proceeds from the auction to over $8.4 million, some 22% above the high estimate projections.

Highest price of the sale was $58,188, paid by an Asian private collector for a case of DRC Montrachet 1973.

There is clearly an appetite for Bordeaux. But, customers are much savvier as to what everything is worth these days. Over the past few years Bordeaux has alienated their client base in the UK. This vintage is an opportunity to re-engage. Drinkers want Bordeaux in their cellars. They want to fall back in love with Bordeaux. – Joss Fowler, Fine & Rare

Another 1855 First Growth Bordeaux was released, this time by Chateau Margaux. This year’s en primeur campaign has failed to capitalize on the early momentum from Mouton Rothschild and Lynch Bages. As such, the overall reaction to releases for Bordeaux 2014 vintages has been relatively subdued.

Margaux has chosen to release at the same price as Mouton Rothschild and Haut-Brion, its 2014 price is exactly the same as its 2012 price – it cut 10% for the 2013 vintage.

Two months of dips in the Liv-ex Fine Wine 100 Index came to an end with a 0.4% increase over March’s level. April, while dominated by Bordeaux 2014 discussions, was a relatively good month for Bordeaux with the region’s trade share rising over last month. Bordeaux should continue to remain a focus in the coming months with the anticipation of Robert Parker’s retrospective of the 2005 Bordeaux vintages due at the end of June.

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